“I’d like to preface this corporate message by addressing the coronavirus pandemic and its impact on social and economic health,” said Dr. Lee. “Our thoughts and prayers are with those who have contracted the virus, the medical community, first responders, and American and global workers who continue to move society forward during these troubling times. Although the current capital markets environment is extremely volatile, our commitment to EV battery technology development is unfazed and we will continue to issue updates as they occur.”

The Company provided the following updates on previously announced objectives in the development of its EV battery technology:

Completed the second batch of commercial prototypes for power tool application that incorporate additional 21700 cell design work. Initial test results of the prototype cells indicate substantial improvement in power and energy capabilities. The Company expects to pursue additional developmental steps designed to demonstrate the technology’s commercial viability after further comprehensive testing and analysis expected to be performed by potential manufacturing and development partners.

Preparing to commence a development program for a new material processing technology to produce Silicon Oxide Composite anode material, one that specifically targets the EV battery market. Silicon Oxide Composite Anode has recently received significant interest because of its superior cycle and calendar life performance, as well as the potential to lower the cost for electric vehicle application.

“BioSolar has made significant progress towards its goal of developing technologies to increase the storage capacity, lower the cost and extend the life of lithium-ion batteries – all critical objectives for the majority of energy storage applications in high growth markets,” said Dr. Lee. “We believe we are on track for the development and demonstration of our performance boosting silicon additive material technology, and we will also seek to develop a new material processing technology to lower the cost of a promising category of silicon anode material for EV battery application.”

About BioSolar

BioSolar is developing breakthrough technologies to increase the storage capacity, lower the cost and extend the life of lithium-ion batteries for electric vehicles. The need for such breakthroughs is critical to meet the expected demand of the rapidly growing global electric vehicle battery market, which is forecast to exceed $90 billion by 2025.

A lithium-ion battery contains two major parts, a lithium-filled cathode and a lithium-receiving anode, that function together as the positive and negative sides of the battery. BioSolar is developing innovative technologies that will enable the use of inexpensive silicon as the anode material to create next generation high energy and high-power lithium-ion batteries for electric vehicles.

Founded with the vision of developing breakthrough energy technologies, BioSolar’s previous successes include the world’s first UL approved bio-based backsheet for use in solar panels. To learn more about BioSolar, please visit our website at http://www.biosolar.com.